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Germany, France Close down 1.1%
Nov 02, 1:13 PM EST |
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| GlaxoSmithKline rose 1.6% after it was upgraded to neutral from underweight. AstraZeneca gained 1.5%. |
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| European stock markets closed notably lower, as investors turned to profit taking after a weak opening on Wall Street, mixed earnings reports, and a hint by the ECB that it will raise interest rates at its next meeting. The German DAX 30 slipped 1.1%. The French CAC 40 also dropped 1.1%, while London FTSE 100 closed flat at 6,149,30. |
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Intel Downgraded, Dell Upgraded
Nov 02, 11:56 AM EST |
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| Factory orders for September came in weaker than expected, rising only 2.1% versus the expected 3.8% increase. |
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| Stocks traded in a lackluster fashion on productivity data, disappointing same-store sales, and Intel''s downgrade. Target Corp dropped 2.4% after it said same-store sales climbed 3.9%, below expectations of a 4.2% gain. Costco shares also fell 2.3% after its October sales disappointed. Elsewhere, Intel fell 1.3% after Merrill Lynch downgraded the chip maker to neutral from buy. Dell rallied 3.3% after Goldman Sachs upgraded the computer maker to neutral from sell. |
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Large-Caps Lead India Higher
Nov 02, 10:41 AM EST |
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| The Sensex advanced further to new closing highs today, tracking strong buying support for the index stocks. |
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| Profit-taking at higher levels in the last hour of trading emerged as the benchmark index ended at another all-time high. The market sentiment remained upbeat throughout the day, but the mid-cap and small-cap index, hitting to all time high in the early hours, retreated in the latter half of trading. ONGC led the advancers on reports that it plans joint ventures with Russian oil companies. Bajaj Auto and Maruti also rose, while the main decliners were Satyam and Hindalco. |
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Wal-Mart and Target Disappoint
Nov 02, 10:16 AM EST |
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| Initial jobless claims rose to 327,000 from the previous week's revised figure of 309,000, exceeding economist expectations of a rise to 310,000. |
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| U.S. stock markets opened in the negative on Thursday, reflecting disappointing retail sales and weak economic data. The Labor Department said that productivity was flat in Q3, while wages rose by 3.8%. Among major retailers, Wal-Mart reported a meager 0.5% rise in same-store sales and also predicted flat same-store sales in November. Discount retailer Target reported same-store sales growth of 3.9% that fell below expectations of 4.2%. |
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Europe Lower on Banks, Miners
Nov 02, 6:37 AM EST |
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| European markets declined on Thursday after further evidence of a slowing American economy hit US indices. |
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| European shares fell on Thursday, hurt by concerns over a flagging U.S. economy after recent downbeat data and by a mixed set of third-quarter numbers from some of biggest companies in Europe, including Unilever and BASF. Mining and financial stocks also weighed down on the market. Miners dropped on the demand implications behind slowing growth in the US. By mid morning, the FTSE 100 in London shed 0.25, Frankfurt Xetra Dax fell 0.23%, and the CAC 40 in Paris lost 0.7%. |
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Gold Hits New High
Nov 02, 5:19 AM EST |
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| Gold prices rose to an eight-week high Wednesday, as funds returned to the precious metals market amid a softening dollar. |
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| An ISM report indicating growth in the manufacturing sector is at its slowest pace in 3 years sparked weakness in the dollar. Gold, regarded as a hedge against inflation, rallied, despite a dip in crude oil prices. December copper contract took a plunge after investors liquidated their long positions in the metal and the LME saw a large rise in warehouse stocks. |
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